1. INTRODUCTION
This is an experiment about decision-making. Please read the following instructions carefully. Everything that you need to know in order to participate in this experiment is explained below. Should you have any difficulties in understanding these instructions please notify us. We will answer your questions at your cubicle.
You will start the experiment with an endowment of
£ 3, which is your
show-up fee. During the experiment, you can earn more money: there is an experimental currency unit called
tokens. Any tokens you earn during the Experiment will be converted to cash at the end of the experiment at the following rate:
2 tokens = £ 1
Please note that communication between participants is strictly prohibited during the experiment. In case you have any questions don't hesitate to ask us.